Online investment scams in Nigeria: warning signs and what to do
How to recognise a fraudulent investment platform before you pay — and the steps that give you the best chance of recovery if you already have.
Investment platforms promising fast, guaranteed returns have cost Nigerians billions of naira. Most follow the same script. Recognising it early is the best protection; acting quickly is the best chance of recovery.
Warning signs
- Guaranteed or unusually high returns — daily or weekly “ROI”.
- Pressure to recruit friends and family for bonuses.
- Withdrawals that suddenly require a “tax”, “upgrade” or “activation fee”.
- Payments to personal accounts rather than a company account.
- No clear registration with the Securities and Exchange Commission (SEC) Nigeria.
Before you invest
- Check the company on the Corporate Affairs Commission (CAC) register and whether it is registered with the SEC for the activity it offers.
- Read the terms: who holds your money, and how you get it back?
- Be sceptical of testimonials on social media and WhatsApp groups.
If you have already paid
- Stop all further payments, including fees to “unlock” your balance.
- Save screenshots, chats, receipts and account details.
- Ask your bank to flag the transfer and notify the receiving bank.
- Speak to a lawyer about urgent freezing orders against the receiving accounts.
- Consider a well-prepared petition to the EFCC or Police — timing matters.
Group claims
Where many people lost money to the same scheme, coordinating claims can reduce cost and increase pressure. We can advise on organising a group approach.
Every situation is different — for advice on yours, speak with our team in confidence.